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Ocean Rig UDW Announces Letter of Intent for the Eirik Raude For $112M

Ocean Rig UDW Inc.
(NASDAQ: ORIG) today announced that it has
received a Letter of Intent for one of its semi-submersible drilling
rigs, "Eirik Raude," from an oil major. The Letter of Intent is for a
one-well program, with an estimated duration of up to 6 months, for
drilling offshore Ireland, with an estimated backlog of approximately
$112 million, including mobilization and demobilization. The rig is
scheduled to commence this contract in the first quarter of 2013, in
direct continuation from its previous contract in West Africa.